Saturday, 16 July 2011

Bank of America Roth IRA - Bank of America IRA

Bank of America Roth IRA reported that Roth IRA during the first nine months of 2010, BoA customers have conducted more than $ 2 million from Bank of America Roth IRA conversions, compared with $ 111 million during the same period last year. $ 2 billion for a total of 35 000 conversions in the third quarter of 2010. BoA said that most conversions were performed in the first quarter, and expect the conversion rate to rise in the fourth quarter of this year.

Bank officials said that while the conversions are carried out in almost all income levels, most were over $ 5 million in assets. The reasons for the significant increase in the Bank of America Roth IRA conversions include the elimination of income limits - Bank of America a Roth IRA conversion formerly only available to those with household incomes under $ 100,000 - and for 2010, which converted to a Roth IRA Traditional IRA Bank of America may choose to take all the conversion income in 2010 or split it between 2011 and 2012.

Dorcey Law Firm, PLC is an estate planning, asset protection and law firms in business planning, with offices in Fort Myers, Florida and Naples, Florida. Our company is dedicated to his clients, the rule of law and improving the community of Southwest Florida.

It is our desire to offer our customers the highest level of legal services in the areas of wills, trusts, irrevocable trusts, estate planning, asset protection and comprehensive business planning. If you or someone you know needs help in estate planning in Florida and information on tax saving strategies, such as Bank of America Roth IRA conversions, please contact us as soon as TODAY "These days to schedule a free consultation.

Bank of America IRA

Bank of America IRA

An individual retirement account, IRA, is a commonly used investment tool to make money for retirement savings. Bank of America IRA is offered by a bank and offers a safe way to save for retirement, such as Bank of America IRA are insured by the FDIC, Federal Deposit Insurance Corporation. Bank of America IRAs tend to offer stable, and some banks offer free accounts IRA.


The two most common types of IRA used for retirement, investment purposes, the traditional IRA and Roth IRA, both of which are likely available at your local bank. The main difference between these two companies are clearly at tax time. With a traditional Bank of America IRA account, you may be able to avoid paying tax on the money deposited, but you will pay taxes when you ultimately withdraw the money tax-deferred. In contrast, a Roth IRA you pay tax on deposits, but you avoid paying taxes after retirement, tax-exempt income.

With Bank of America IRA, there are annual limits on tax to the total amount of money can be deposited. From 2010, if you are under 50 years are limited to contributing $ 5,000 or the amount of your taxable compensation, whichever is less. If you are 50 years or more, you can contribute up to $ 6,000 annually. You can make the maximum contribution to a Roth IRA if your income is less than $ 105 000 for singles and $ 167,000 less than for married couples filing jointly.


Although the Roth IRA, use the after-tax contributions, and withdrawals are tax-free income, which could mean a significant tax saving on the road. Traditional IRA require less input tax during the year, but you pay taxes when you start the withdrawal. Traditional Bank of America IRA is a viable option if you expect a lower tax bracket before withdrawing funds.
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